Robot Sensors Market revenue to cross USD 5 Bn by 2028: Global Market Insights Inc.

SELBYVILLE, Del., Feb. 9, 2022 /PRNewswire/ -- The robot sensors market size is anticipated to record a valuation of USD 5 billion by 2028, according to the most recent study by Global Market Insights Inc.  Market growth is credited to the rising popularity of small robotic toys or bots for in-house entertainment. Growing advancements in Artificial Intelligence (AI) and robotic sensor technology allow flexible thoughts and motion in robots. These advancements also include the performance of a variety of entertainment tasks, such as playing music, watching TV shows, and executing cleaning tasks, while moving around the house. Several companies are working on developing entertainment robots for home applications.

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The robot sensors market for tactile sensor segment is expected to witness 13% growth rate through 2028 led by the several advantages such as low-cost integration, high performance, easy fabrication, and increased time efficiency. These advantages have encouraged organizations to incorporate tactile sensors into space robots to assist astronauts in repair & maintenance operations on international space stations. Several major corporations are focusing on developing new upgrades in tactile sensing technology to gain a large market share.

The service robot segment in the robot sensors market is poised to expand at more than 8.5% CAGR till 2028 driven by its increasing adoption in the medical & healthcare sector to execute surgeries and monitor patients' health conditions. According to the International Federation of Robotics Report 2021, the sales of medical service robots increased by 11%, which accounted for USD 3.6 billion revenue share compared to FY2020. These robots perform various tasks, such as disinfecting hospital premises, efficiently drawing blood, and robotic exoskeleton, which provide external support to bones & muscles. Moreover, the rising cases of COVID-19 globally have increased the demand for medical screen robots, further accelerating the industry growth.

The domestic robot segment in the robot sensors market is estimated to attain a CAGR of11% by 2028 impelled by the growing acceptance of several personal home robots such as educational robots and toy robots, among others. Growing innovations in home automated robots, such as IoT and wireless technologies, are fueling the demand for robot sensors. Several major leaders are focusing on developing home-based domestic robots to address the growing demand for smart home technology.

Europe robot sensors market is anticipated to register growth of 10% during 2022 to 2028 on account of the rising government initiatives to promote research and innovation in the robotics industry. For instance, in July 2021, the EU Commission collaborated with Japan under the International Digital Health Cooperation (IDIH) project to enhance research and innovation in behavioral robots for elder people. These robots will offer a smart walking frame, enabling elder citizens to exercise and walk easily. With this collaboration, the commission is focusing on digitalizing healthcare facilities for older citizens in the region.

Some of the major players operating in the market are ABB, Honeywell International Inc., FANUC., Keyence, Rockwell Automation, Omron Corporation. Companies are continuously strategizing new product launches & innovation activities to gain a competitive edge in the market.

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Some major findings of the robot sensors market report include:

• Rising demand for service robots in developed economies including the U.S., Japan, and China is fostering the market value of robot sensors. Service robots consist of several professional & domestic robots such as medical, logistics, and domestic, among others.
• Ongoing technological advancements in vision sensors, such as 3D machine vision and optical sensing technology, are propelling the robot sensors market expansion. These sensors are integrated with robots to assist in track monitoring and avoid obstacle collision.
• The COVID-19 pandemic has positively impacted the market progression in FY 2021. Growth is credited to an increased demand from the healthcare sector to remotely monitor patients' health conditions and automatically disinfect the surroundings.
• Asia Pacific is predicted to showcase the highest growth during the forecast period. Growth is attributed to rising investments and initiatives taken by governments & manufacturers to automate small factories and manufacturing facilities, among others.

Table of Contents (ToC) of the report:

Chapter 3 Robot Sensors Market Insights

3.1  Industry segmentation

3.2  Impact analysis of corona virus (COVID-19) pandemic on market

3.2.1  Global outlook

3.2.2  Impact by region

3.2.3  Industry value chain

3.2.3.1  Research and development

3.2.3.2  Manufacturing

3.2.3.3  Marketing

3.2.3.4  Supply

3.2.4  Competitive landscape

3.2.4.1  Strategy

3.2.4.2  Distribution network

3.2.4.3  Business growth

3.3  Industry ecosystem analysis

3.3.1  Component suppliers

3.3.2  Manufacturers

3.3.3  System integrators

3.3.4  Distributors

3.3.5  End-use landscape

3.3.6  Demand-supply gap

3.3.7  Vendor matrix

3.4  Price trend analysis

3.5  Technology & innovation landscape

3.5.1  Machine vision and force sensing

3.5.2  LiDAR technology

3.5.3  3D stereo vision

3.5.4  Hyper & multispectral vision systems in agriculture

3.5.5  4G Radar-on-Chip (RoC) imaging sensor

3.6  Regulatory landscape

3.7  Industry impact forces

3.7.1  Growth drivers

3.7.2  Industry pitfalls and challenges

3.8  Growth potential analysis

3.9  Porter's analysis

3.10  PESTEL analysis

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